Mortgage Rates Wednesday, May 10: Nearing the Top of a 1-Month Range

By Hal M. Bundrick, CFPHome MortgageNerdWallet.com

Interest rates for 30-year fixed home loans moved slightly higher, 15-year fixed rates dropped a bit, while 5/1 ARMs ticked up, according to a NerdWallet survey of mortgage interest rates published by national lenders Wednesday morning.

Mortgage rates are continuing to move within a one-eighth point (0.125%) range — as they have for at least a month — though 30-year fixed rates are approaching the top of that comfort zone.

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With mortgage rates mostly docile, prospective borrowers are taking on the paperwork task. Mortgage applications rose 2.4% overall for the week ending May 5, according to the Mortgage Bankers Association’s weekly survey. And even though industry analysts have declared that the refinance market will be all but dead in 2017, refinance applications were up 3% for the week, while purchase applications rose by 2%.

“Continuing strength in the job market and improving consumer confidence drove overall purchase applications to increase last week,” Joel Kan, MBA economist, told CNBC.

(Change from 5/9)30-year fixed: 4.22% APR ( +0.02 )15-year fixed: 3.56% APR ( -0.02 )5/1 ARM: 3.85% APR ( +0.01 )

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» MORE: How much home can you afford?

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.

More from NerdWalletHow much house can I really afford?Best zero and low down payment lendersRefinance calculator

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.

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The article Mortgage Rates Wednesday, May 10: Nearing the Top of a 1-Month Range originally appeared on NerdWallet.